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Bitcoin Hits $10,000 Because Ceilings Are Just a Construct, Man (gizmodo.com)
An anonymous reader shares a report: On Tuesday, the trading price of the most prominent cryptocurrency hit $10,000 for the first time. And that nice round number will almost certainly have the kind of psychological effect that brings in new traders. Based on analysts' recent predictions, the $10,000 milestone could be the beginning of the end or just the beginning. Some thought that $2,000 would be the point at which we'd see a reversal of Bitcoin's ascent. Others predicted it would top out at $4,000. Then, $4,000 became the floor. These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.
I bought 5 bucks worth of bitcoin last year... It's now worth $80 bucks (as of this writing). I'm simply floored by how much its gone up!
Search for "buy bitcoin" on Google's site.
The first suggestion will be "buy bitcoin with credit card."
If ordinary people are leveraging up at 10-20% per annum to buy a currency that's not accepted for most things, you know where this is going.
I don't know what else to call them, but the kind of day trader types that play the stock market noticed the price going up. So now in addition to the drug traffickers, money launders and ransomeware authors we've got those jackals. I'm sure this will all end well.
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These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.
In other words, they have no idea why it's doing what it's doing.
I'm starting to think "expert" is someone who is physically unable to utter the words "I don't know".
Mod me down with all of your hatred and your journey towards the dark side will be complete!
If you want mine your own crypto currency, you need a motherboard with 19 PCIe 1X slots to plug in 19 GPUs and a couple of 1200W PSUs.
And an extension cord to steal the electricity from your neighbor.
"Have you ever thought about just turning off the TV, sitting down with your kids, and hitting them?"
In related news .... the average BTC transaction fee is now at $6 USD, and climbing fast. Could be worse, however. Two weeks ago, it spiked above $19.
Does anyone seriously think that BTC is being used for anything except speculation? It sure isn't being used for "money". You've got people buying BTC using their credit cards, and converting their savings to BTC. It's a classic bubble.
It's gonna be nasty, and when the bubble pops the transaction backlog will be huge as people try to dump their BTC before they lose everything. Transaction fees will shoot through the roof. Boom or bust, the Chinese mining pools will make money hand over fist.
If you actually use bitcoin even once for anything but investment, meaning you paid the current premium price and then sold it for goods at some fixed quantity, when it increases in price this quickly then you are retarded.... Every day makes you insane. The question of buying bitcoin in the first place makes both outcomes likely, since it has no value outside of the hype and unlicensed "experts" doing the major pumping. There is some financial force behind this, and it is extremely likely to be a combination of Russia, the DPRK, and every other ever-so-nice pariah state using bitcoin to evade sanctions.
this is the fifth story in as many weeks with no more substance than "bitcoin hits $x!". Comments from the fist story can be copied verbatim to all the others, there's nothing new to be said on the subject. Can we please find a more interesting subject to talk about?
If I wanted to know the day price for Bitcoin, I'd use a stock ticker.
How can I get in before everybody hears about it?
There's no incentive to ever spend it
Sure there is. I need food *now*, and these might not be valuable enough in the future to sacrifice starving right now.
"When life gives you lemons, don't make lemonade. Make life take the lemons back!" -- Cave Johnson
Most of those websites aren't really using BTC in the sense that they are actually holding BTC you transfer to them like they would hold the USD you transferred to them. Rather, they've simply set up a conversion as part of the transaction where they receive USD in exchange for the BTC you sent them.
How many Lindsay Lohan's can I buy with 1 BTC?
I appreciate your perspective, though it incorrectly assumes that I purchased a sum of bitcoin and now I'm running around daily consuming/burning that bitcoin when it should be left alone to mature in value. You seem to believe that I should have two stacks of currency: one stack of dollars to live life by, and another stack of bitcoin to leave as an investment.
In reality, all the money received from my 9-5 job, my sideline business, and my miners goes into bitcoin. Therefore, I have no dollars left for daily life. I have a constant stream of finances going into bitcoin, and some coming out of bitcoin in the form of commodities and services needed to live daily life. This model ensures that my entire budget increases in purchasing power as rapidly as bitcoin increases in value. All I have to do is ensure that the stream of finances going into bitcoin is larger than the stream coming out of bitcoin and my nest egg grows at an even more rapid pace than if I only used bitcoin as an investment.
To quote yourself, "when it increases in price this quickly then you are retarded" you would be retarded to NOT put every dollar you have into bitcoin.
Let's make like a bird... and get the flock outta here.
Except for the little detail of: If some miners stop mining, mining becomes easier, making mining more profitable.
The cost of mining is related to the popularity of mining. The profitability of mining is a combination of the value of bitcoin and the size of the mining pool, making it not a simple economic problem.
Not just no incentive to spend it (beyond the absolutely necessary right now) but no incentive to lend (invest) it either unless the returns are so astronomical they outweigh the loss in value of any collateral that the borrower might put up.
Bitcoin enthusiasts are overjoyed about this, because they're suddenly rich, so overjoyed they're missing the part that this entire thing is a disaster for Bitcoin in terms of its supposed use. And if Bitcoin is completely unusable for the purpose for which it was designed then... what's the point of Bitcoin? The world's biggest disorganized pyramid scheme?
Can this last anyway? Will it reach a peak and then start slowly dropping, or will it collapse? If it collapses (again!) then even if it reaches a more reasonable level, will retailers (who presumably will lose quite a bit of money on it) ever accept it again?
Hyperdeflation, to be followed at some point by hyperinflation. This is not what a stable currency looks like. BTC enthusiasts should be thinking "Well, failure never felt so good", not "Woohoo, this is good news for Bitcoin". Because it really, really, isn't.
You are not alone. This is not normal. None of this is normal.
If Bitcoin totally collapsed in a short enough time frame (say 2 weeks), it would be noticeable but hardly damaging to the economy at large. Google has $700B as its cap. The SPY ETF from one company that links to the S&P 500 (meaning its a small percent of the total) is ~$250B. A loss of either wouldn't significantly impact the economy*. Bitcoin's collapse would be even more minor.
The primary impacts we would notice would be any highly leveraged hedges that would collapse too and rip out funds from proper investments to cover the losses. Basically people who borrowed to pay interest on loans to buy coins would now have to liquidate stable assets to cover the required payments. If they can't pay, then the lender would need to do the same to cover lost operational cash flows.
It is quite difficult to ascertain between speculation and investment. Society has been trying to do it for centuries to curb bubbles, recessions, in/deflations, gold rushes, etc and hasn't gotten anywhere. Any interventions have resulted in worse outcomes.
* = Thou in Google's case we wouldn't lose the services totally, they would be bought up cheap and serviced by someone else. We would see service degradation and no new stuff, but it would still work.
Have gnu, will travel.
I really hope you are not serious mate!
When guys doing similar enough to what you're doing now encountered 29-Oct-1929 a fair portion of them jumped out of windows...
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